iShares Silver Trust 10-K

Item 9A. Controls and Procedures.   Disclosure Controls and Procedures   The duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, with the participation of the Trustee, have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers, as appropriate to allow timely decisions regarding required disclosure.   There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.   20 Table of Contents   Management ’ s Report on Internal Control over Financial Reporting   The Sponsor’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). The Trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Trust’s assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that the Trust’s receipts and expenditures are being made only in accordance with appropriate authorizations and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Trust’s assets that could have a material effect on the financial statements.   Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become ineffective because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.   The Sponsor's management, including the principal executive officer and principal financial officer of the Sponsor, assessed the effectiveness of the Trust’s internal control over financial reporting as of December 31, 2022. In making its assessment, the Sponsor’s management has utilized the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its report entitled Internal Control – Integrated Framework (2013) . Based on their assessment and those criteria, the Sponsor's management concluded that the Trust maintained effective internal control over financial reporting as of December 31, 2022.   The effectiveness of the Trust’s internal control over financial reporting as of December 31, 2022 has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited and reported on the financial statements included in this Form 10-K, as stated in their report which is included herein.   Changes in Internal Control over Financial Reporting   There were no changes in the Trust’s internal control over financial reporting that occurred during the Trust’s fourth fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.     Item 9B. Other Information.   Not applicable.     Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.   Not applicable.   21 Table of Contents   PART III   Item 10. Directors, Executive Officers and Corporate Governance.   The Trust does not have any directors, officers or employees. The following persons, in their respective capacities as directors or executive officers of the Sponsor, a Delaware limited liability company, perform certain functions with respect to the Trust that, if the Trust had directors or executive officers, would typically be performed by them.   Shannon Ghia is the President and Chief Executive Officer, and Bryan Bowers is the Chief Financial Officer of the Sponsor.   The Sponsor is managed by a Board of Directors composed of Philip Jensen, Peter Landini, Kimun Lee, Shannon Ghia and Bryan Bowers.   Shannon Ghia, 46, has served as a Director of the Sponsor since March 2022 and became a principal of the Sponsor on April 18, 2022. Ms. Ghia is a Managing Director of BlackRock and has served as Global Co-Head of ETF Markets since January 1, 2022. ETF Markets encompasses the Global Markets and Product Engineering teams within EII Markets and Investments (“the Engine”) of BlackRock’s ETF and Index Investing organization. The Engine teams drive investment integrity and market quality in BlackRock’s ETF and index portfolios. Global Markets and Product Engineering together strive to safeguard ETF trading, evolve the ETF ecosystem and develop best-in-class products with enduring integrity that promote clients’ financial well‑being. From January 1, 2016 to December 31, 2021, Ms. Ghia served as the U.S. Head of iShares Global Markets and was responsible for overseeing primary and secondary trading of the iShares ETF suite and developing the ETF ecosystem. In this capacity, Ms. Ghia built out the ETF trading platform and operational best practices to support a greater complexity of products and an acceleration in trading volumes. She also worked closely with exchanges, ETF service providers and liquidity providers to promote ETF market quality. Ms. Ghia’s service with BlackRock or its affiliates dates to 2002, including her years with Barclays Global Investors. Ms. Ghia earned a BA degree in Business / Economics with an emphasis in Accounting from the University of California, Santa Barbara.   Bryan Bowers , 47, has been employed by BlackRock or its affiliates since September 6, 2011, performing supervisory and managerial functions. Since October 4, 2021, Mr. Bowers has served as a Director of BlackRock and manages the Product Oversight and Governance team within BlackRock’s Global Accounting and Product Services (“GAAPS”) function. In that capacity, Mr. Bowers oversees fund accounting operations, strategic product initiatives, fund certifications, accounting policies and provides support to the Audit Committee of the Board for each iShares Trust, iShares, Inc. and iShares U.S. ETF Trust. From September 1, 2014 to October 3, 2021, Mr. Bowers served as a Director on the Global Financial Reporting on the Business Operations & Technology team within BlackRock’s GAAPS function. From September 6, 2011 to August 31, 2014, Mr. Bowers served as a Vice President on BlackRock’s Fund Administration team. Prior to joining BlackRock, Mr. Bowers served as an Assistant Vice President of State Street Corporation or its affiliates, where he served as a Unit Manager within the Global and Corporate Bond Accounting Units from September 1, 2007 to September 4, 2011. Mr. Bowers earned his B.S. degree in accounting from Stockton University.   Philip Jensen , 64, is Chairman of the Sponsor’s audit committee. In June 2001, Mr. Jensen joined Paul Capital Partners, an investment firm focusing on the secondary private equity and healthcare markets, for which he presently serves as Partner and previously served as Chief Operating Officer from 2002 to 2020. Mr. Jensen received his Bachelor of Science from San Francisco State University and practiced as a California Certified Public Accountant through 1992.   Peter Landini, 71 , is a member of the Sponsor’s audit committee. In January 2003, Mr. Landini joined RBP Investment Advisors, Inc., a financial planning consultancy firm, for which he presently serves as Partner and Wealth Manager. Mr. Landini received his Bachelor of Science in accounting from Santa Clara University and an MBA in finance from Golden Gate University. Mr. Landini is a certified financial planner.   Kimun Lee, 76, is a member of the Sponsor’s audit committee. Mr. Lee is a California-registered investment adviser and has conducted his consulting business under the name Resources Consolidated since January 1980. Since September 2010, Mr. Lee has served as a member of the board of directors of Firsthand Technology Value Fund, Inc., a mutual fund company. Since April 2013, Mr. Lee has served as a member of the board of trustees of Firsthand Funds, a mutual fund company. Since April 2014, Mr. Lee has served as a member of the board of trustees of FundX Investment Trust, a mutual fund company. Until January 2005, Mr. Lee also served as a member of the board of directors of Fremont Mutual Funds, Inc., a mutual fund company. Mr. Lee received his Bachelor of Arts from the University of the Pacific and an MBA from University of Nevada, Reno. He also completed the executive education program on corporate governance at Stanford Graduate School of Business.   The Sponsor has a code of ethics (the “Code of Ethics”) that applies to its executive officers, including its Chief Executive Officer, President, Chief Financial Officer and Treasurer, who perform certain functions with respect to the Trust that, if the Trust had executive officers would typically be performed by them. The Code of Ethics is available by writing the Sponsor at 400 Howard Street, San Francisco, CA 94105 or calling the Sponsor at (415) 670-2000. The Sponsor’s Code of Ethics is intended to be a codification of the business and ethical principles that guide the Sponsor, and to deter wrongdoing, to promote (1) honest and ethical conduct (including the ethical handling of actual or apparent conflicts of interest), (2) full, fair, accurate, timely and understandable disclosure in public reports, documents and communications, (3) compliance with applicable laws and governmental rules and regulations, (4) the prompt internal reporting of violations of the Code of Ethics and (5) accountability for adherence to the Code of Ethics.     Item 11. Executive Compensation.   The Trust has no employees, officers or directors. The Trust is managed by the Sponsor and pays the Sponsor the Sponsor’s fee. For the year ended December 31, 2022, the Trust has incurred Sponsor’s fees of $56,435,296.   22 Table of Contents   Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.   Securities Authorized for Issuance under Equity Compensation Plans   Not applicable.   Security Ownership of Certain Beneficial Owners and Management   Not applicable.     Item 13. Certain Relationships and Related Transactions, and Director Independence.   See Item 11 above.     Item 14. Principal Accounting Fees and Services.   Audit and Non-Audit Fees   The table below summarizes the fees for services performed by PricewaterhouseCoopers LLP for the years ended December 31, 2022 and 2021.       2022     2021   Audit fees   $  61,800     $  61,800   Audit-related fees     2,000       250   Tax fees     —       —   All other fees     —       —   Total   $  63,800     $  62,050     Approval of Independent Registered Public Accounting Firm Services and Fees   The audit committee of the Board of Directors of the Sponsor approved, prior to the commencement of the engagement, the engagement of and compensation to be paid to PricewaterhouseCoopers LLP as auditors of the Trust.   23 Table of Contents   Part IV   Item 15. Exhibits, Financial Statement Schedules.   Financial Statements   See Index to Financial Statements on Page F-1 for a list of the financial statements being filed as part of this report.   Financial Statement Schedules   Schedules have been omitted since they are either not required, not applicable or the information has otherwise been included.   Exhibits   The following documents are filed herewith or incorporated herein and made a part of this Annual Report:   Exhibit No.   Description 4.1   Third Amended and Restated Depositary Trust Agreement is incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by the Registrant on January 31, 2022       4.2   Standard Terms for Authorized Participant Agreements is incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016       4.3   Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934 is incorporated by reference to Exhibit 4.3 of the Annual Report on Form 10-K filed by the Registrant on February 27, 2020       10.1   First Amended and Restated Custodian Agreement between The Bank of New York Mellon and JPMorgan Chase Bank N.A., London branch is incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by the Registrant on December 22, 2016       10.3   Sub-license Agreement is incorporated by reference to Exhibit 10.2 of Registration Statement No. 333-156506 filed by the Registrant on December 30, 2008       23.1   Consent of PricewaterhouseCoopers LLP       31.1   Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002       31.2   Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002       32.1   Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002       32.2   Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002       101.INS   Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.       101.SCH   Inline XBRL Taxonomy Extension Schema Document       101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document       101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document       101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document       101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document       104   Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)     Item 16. Form 10-K Summary.   None.   24 Table of Contents         iShares ® Silver Trust Financial Statements Index     Page     Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) F-2     Statements of Assets and Liabilities at December 31, 2022 and 2021 F-3     Statements of Operations for the years ended December 31, 2022, 2021 and 2020 F-4     Statements of Changes in Net Assets for the years ended December 31, 2022, 2021 and 2020 F-5     Statements of Cash Flows for the years ended December 31, 2022, 2021 and 2020 F-6     Schedules of Investments at December 31, 2022 and 2021 F-7     Notes to Financial Statements F-8   F-1 Table of Contents   Report of Independent Registered Public Accounting Firm   To the Sponsor and Shareholders of iShares   Silver Trust   Opinions on the Financial Statements and Internal Control over Financial Reporting   We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares   Silver Trust (the “Trust”) as of December 31, 2022 and 2021, and the related statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “financial statements”). We also have audited the Trust’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).   In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2022 and 2021, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Trust maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.   Basis for Opinions   The Sponsor’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Trust’s financial statements and on the Trust’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.   We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.   Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.   Definition and Limitations of Internal Control over Financial Reporting   A trust’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A trust’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Trust are being made only in accordance with authorizations of the Sponsor’s management and the Sponsor of the Trust; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.   Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.   Critical Audit Matters   Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the financial statements and (ii) involved our especially challenging, subjective, or complex judgments. We determined there are no critical audit matters.     /s/ PricewaterhouseCoopers LLP Philadelphia, Pennsylvania February 23, 2023   We have served as the Trust’s auditor since 2006.   F-2 Table of Contents     iShares ®   Silver Trust Statements of Assets and Liabilities At December 31, 2022 and 2021       December 31,       2022     2021   Assets                 Investment in silver bullion, at fair value (a)   $ 11,164,718,926     $ 12,254,397,545   Total Assets     11,164,718,926       12,254,397,545                     Liabilities                 Sponsor’s fees payable     4,633,955       5,163,322   Total Liabilities     4,633,955       5,163,322                     Commitments and contingent liabilities (Note 6)     —         —                       Net Assets   $ 11,160,084,971     $ 12,249,234,223                     Shares issued and outstanding (b)     506,550,000       573,800,000   Net asset value per Share (Note 2C)   $ 22.03     $ 21.35     (a) Cost of investment in silver bullion: $10,025,562,224 and $11,330,688,133, respectively. (b) No par value, unlimited amount authorized.     See notes to financial statements.   F-3 Table of Contents     iShares ® Silver Trust Statements of Operations For the years ended December 31, 2022, 2021 and 2020       Years Ended December 31,       2022     2021     2020   Expenses                         Sponsor’s fees   $ 56,435,296     $ 71,208,965     $ 50,643,408   Total expenses     56,435,296       71,208,965       50,643,408   Net investment loss     ( 56,435,296 )     ( 71,208,965 )     ( 50,643,408 )                           Net Realized and Unrealized Gain (Loss)                         Net realized gain (loss) from:                         Silver bullion sold to pay expenses     ( 38,589 )     13,262,117       7,414,067   Silver bullion distributed for the redemption of Shares     ( 176,990,635 )     1,349,023,048       921,913,789   Net realized gain (loss)     ( 177,029,224 )     1,362,285,165       929,327,856   Net change in unrealized appreciation/depreciation     215,447,290       ( 3,401,406,431 )     4,075,854,334   Net realized and unrealized gain (loss)     38,418,066       ( 2,039,121,266 )     5,005,182,190                             Net increase (decrease) in net assets resulting from operations   $ ( 18,017,230 )   $ ( 2,110,330,231 )   $ 4,954,538,782                             Net increase (decrease) in net assets per Share (a)   $ ( 0.03 )   $ ( 3.46 )   $ 9.61     (a) Net increase (decrease) in net assets per Share based on average shares outstanding during the year.     See notes to financial statements.   F-4 Table of Contents     iShares ® Silver Trust Statements of Changes in Net Assets For the years ended December 31, 2022, 2021 and 2020       Years Ended December 31,       2022     2021     2020   Net Assets, Beginning of Year   $ 12,249,234,223     $ 14,791,792,720     $ 6,540,758,565                             Operations:                         Net investment loss     ( 56,435,296 )     ( 71,208,965 )     ( 50,643,408 ) Net realized gain (loss)     ( 177,029,224 )     1,362,285,165       929,327,856   Net change in unrealized appreciation/depreciation     215,447,290       ( 3,401,406,431 )     4,075,854,334   Net increase (decrease) in net assets resulting from operations     ( 18,017,230 )     ( 2,110,330,231 )     4,954,538,782                             Capital Share Transactions:                         Contributions for Shares issued     3,608,993,778       6,742,609,430       7,299,222,832   Distributions for Shares redeemed     ( 4,680,125,800 )     ( 7,174,837,696 )     ( 4,002,727,459 ) Net increase (decrease) in net assets from capital share transactions     ( 1,071,132,022 )     ( 432,228,266 )     3,296,495,373                             Increase (decrease) in net assets     ( 1,089,149,252 )     ( 2,542,558,497 )     8,251,034,155                             Net Assets, End of Year   $ 11,160,084,971     $ 12,249,234,223     $ 14,791,792,720                             Shares issued and redeemed                         Shares issued     175,900,000       275,950,000       398,700,000   Shares redeemed     ( 243,150,000 )     ( 303,100,000 )     ( 185,850,000 ) Net increase (decrease) in Shares issued and outstanding     ( 67,250,000 )     ( 27,150,000 )     212,850,000       See notes to financial statements.   F-5 Table of Contents     iShares ® Silver Trust Statements of Cash Flows For the years ended December 31, 2022, 2021 and 2020       Years Ended December 31,       2022     2021     2020   Cash Flows from Operating Activities                         Proceeds from silver bullion sold to pay expenses   $ 56,964,663     $ 71,843,069     $ 47,505,972   Expenses – Sponsor’s fees paid     ( 56,964,663 )     ( 71,843,069 )     ( 47,505,972 ) Net cash provided by operating activities     —       —       —   Increase (decrease) in cash     —       —       —   Cash, beginning of year     —       —       —   Cash, end of year   $ —     $ —     $ —                             Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities                         Net increase (decrease) in net assets resulting from operations   $ ( 18,017,230 )   $ ( 2,110,330,231 )   $ 4,954,538,782   Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:                         Proceeds from silver bullion sold to pay expenses     56,964,663       71,843,069       47,505,972   Net realized (gain) loss     177,029,224       ( 1,362,285,165 )     ( 929,327,856 ) Net change in unrealized appreciation/depreciation     ( 215,447,290 )     3,401,406,431       ( 4,075,854,334 ) Change in operating assets and liabilities:                         Sponsor’s fees payable     ( 529,367 )     ( 634,104 )     3,137,436   Net cash provided by (used in) operating activities   $ —     $ —     $ —                             Supplemental disclosure of non-cash information:                         Silver bullion contributed for Shares issued   $ 3,608,993,778     $ 6,742,609,430     $ 7,299,222,832   Silver bullion distributed for Shares redeemed   $ ( 4,680,125,800 )   $ ( 7,174,837,696 )   $ ( 4,002,727,459 )     See notes to financial statements.   F-6 Table of Contents     iShares ® Silver Trust Schedules of Investments At December 31, 2022 and 2021   December 31, 2022   Description   Ounces     Cost     Fair Value   Silver bullion     466,265,146     $ 10,025,562,224     $ 11,164,718,926                             Total Investments – 100.04%                     11,164,718,926   Less Liabilities – (0.04)%                     ( 4,633,955 ) Net Assets – 100.00%                   $ 11,160,084,971     December 31, 2021   Description   Ounces     Cost     Fair Value   Silver bullion     530,838,100     $ 11,330,688,133     $ 12,254,397,545                             Total Investments – 100.04%                     12,254,397,545   Less Liabilities – (0.04)%                     ( 5,163,322 ) Net Assets – 100.00%                   $ 12,249,234,223       See notes to financial statements.   F- 7 Table of Contents   iShares ® Silver Trust Notes to Financial Statements December 31, 2022     1 - Organization   The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust. The trustee is The Bank of New York Mellon (the “Trustee”), which is responsible for the day-to-day administration of the Trust. The Trust’s sponsor is iShares Delaware Trust Sponsor LLC, a Delaware limited liability company (the “Sponsor”). The Trust is governed by the provisions of the Third Amended and Restated Depositary Trust Agreement (the “Trust Agreement”) executed by the Trustee and the Sponsor as of January 31, 2022. The Trust issues units of beneficial interest (“Shares”) representing fractional undivided beneficial interests in its net assets.   The Trust seeks to reflect generally the performance of the price of silver. The Trust seeks to reflect such performance before payment of the Trust’s expenses and liabilities. The Trust is designed to provide a vehicle for investors to make an investment similar to an investment in silver.   The Trust qualifies as an investment company solely for accounting purposes and not for any other purpose and follows the accounting and reporting guidance under the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies, but is not registered, and is not required to be registered, as an investment company under the Investment Company Act of 1940, as amended.     2 - Significant Accounting Policies   A. Basis of Accounting   The following significant accounting policies are consistently followed by the Trust in the preparation of its financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.   Certain statements and captions in the financial statements for the prior periods have been changed to conform to the current financial statement presentation.   B. Silver Bullion   JPMorgan Chase Bank N.A., London branch (the “Custodian”), is responsible for the safekeeping of silver bullion owned by the Trust.   Fair value of the silver bullion held by the Trust is based on the price per ounce of silver determined in an electronic auction consisting of one or more 30‑second rounds hosted by ICE Benchmark Administration (“IBA”) that begins at 12:00 p.m. (London time) and published shortly thereafter on each day that the London silver market is open for business (such price, the “LBMA Silver Price”). If there is no announced LBMA Silver Price on any day, the Trustee is authorized to use the most recently announced LBMA Silver Price unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate as a basis for evaluation.   Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.   The following tables summarize activity in silver bullion for the years ended December 31, 2022, 2021 and 2020:   Year Ended December 31, 2022   Ounces     Cost     Fair Value     Realized Gain (Loss)   Beginning balance     530,838,100     $ 11,330,688,133     $ 12,254,397,545     $ —   Silver bullion contributed     162,289,256       3,608,993,778       3,608,993,778       —   Silver bullion distributed     ( 224,224,243 )     ( 4,857,116,435 )     ( 4,680,125,800 )     ( 176,990,635 ) Silver bullion sold to pay expenses     ( 2,637,967 )     ( 57,003,252 )     ( 56,964,663 )     ( 38,589 ) Net realized loss     —       —       ( 177,029,224 )     —   Net change in unrealized appreciation/depreciation     —       —       215,447,290       —   Ending balance     466,265,146     $ 10,025,562,224     $ 11,164,718,926     $ ( 177,029,224 )   F- 8 Table of Contents   Year Ended December 31, 2021   Ounces     Cost     Fair Value     Realized Gain (Loss)   Beginning balance     558,715,882     $ 10,472,474,303     $ 14,797,590,146     $ —   Silver bullion contributed     256,106,607       6,742,609,430       6,742,609,430       —   Silver bullion distributed     ( 281,173,891 )     ( 5,825,814,648 )     ( 7,174,837,696 )     1,349,023,048   Silver bullion sold to pay expenses     ( 2,810,498 )     ( 58,580,952 )     ( 71,843,069 )     13,262,117   Net realized gain     —       —       1,362,285,165       —   Net change in unrealized appreciation/depreciation     —       —       ( 3,401,406,431 )     —   Ending balance     530,838,100     $ 11,330,688,133     $ 12,254,397,545     $ 1,362,285,165     Year Ended December 31, 2020   Ounces     Cost     Fair Value     Realized Gain (Loss)   Beginning balance     362,616,711     $ 6,294,157,046     $ 6,543,418,555     $ —   Silver bullion contributed     371,438,229       7,299,222,832       7,299,222,832       —   Silver bullion distributed     ( 173,055,462 )     ( 3,080,813,670 )     ( 4,002,727,459 )     921,913,789   Silver bullion sold to pay expenses     ( 2,283,596 )     ( 40,091,905 )     ( 47,505,972 )     7,414,067   Net realized gain     —       —       929,327,856       —   Net change in unrealized appreciation/depreciation     —       —       4,075,854,334       —   Ending balance     558,715,882     $ 10,472,474,303     $ 14,797,590,146     $ 929,327,856     C. Calculation of Net Asset Value   On each business day, as soon as practicable after 4:00 p.m. (New York time), the net asset value of the Trust is obtained by subtracting all accrued fees, expenses and other liabilities of the Trust from the fair value of the silver and other assets held by the Trust. The Trustee computes the net asset value per Share by dividing the net asset value of the Trust by the number of Shares outstanding on the date the computation is made.   D. Offering of the Shares   Trust Shares are issued and redeemed continuously in aggregations of 50,000 Shares in exchange for silver bullion rather than cash. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. The Trust only transacts with registered broker-dealers that are eligible to settle securities transactions through the book-entry facilities of the Depository Trust Company and that have entered into a contractual arrangement with the Trustee and the Sponsor governing, among other matters, the creation and redemption of Shares (such broker-dealers, the “Authorized Participants”). Holders of Shares of the Trust may redeem their Shares at any time acting through an Authorized Participant and in the prescribed aggregations of 50,000 Shares; provided , that redemptions of Shares may be suspended during any period while regular trading on NYSE Arca, Inc. (“NYSE Arca”) is suspended or restricted, or in which an emergency exists as a result of which delivery, disposal or evaluation of silver is not reasonably practicable.   The per Share amount of silver exchanged for a purchase or redemption represents the per Share amount of silver held by the Trust, after giving effect to its liabilities.   When silver bullion is exchanged in settlement of a redemption, it is considered a sale of silver bullion for accounting purposes.   Share activities for the years ended December 31, 2022, 2021 and 2020 were as follows:       December 31,       2022     2021     2020       Shares     Amount     Shares     Amount     Shares     Amount   Shares issued     175,900,000     $ 3,608,993,778       275,950,000     $ 6,742,609,430       398,700,000     $ 7,299,222,832   Shares redeemed     ( 243,150,000 )     ( 4,680,125,800 )     ( 303,100,000 )     ( 7,174,837,696 )     ( 185,850,000 )     ( 4,002,727,459 ) Net increase (decrease)     ( 67,250,000 )     ( 1,071,132,022 )     ( 27,150,000 )   $ ( 432,228,266 )     212,850,000     $ 3,296,495,373     E. Federal Income Taxes   The Trust is treated as a grantor trust for federal income tax purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.   The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of December 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.   F- 9 Table of Contents       3 - Trust Expenses   The Trust pays to the Sponsor a Sponsor’s fee that accrues daily at an annualized rate equal to 0.50 % of the net asset value of the Trust, paid monthly in arrears. The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust: the Trustee’s fee and reimbursement for its reasonable out-of-pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and, effective January 31, 2022, up to $ 500,000 per annum in legal fees and expenses. Prior to January 31, 2022, the Sponsor had agreed to assume up to $ 100,000 per annum in legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the amount required under the Trust Agreement. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.      4 - Related Parties   The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee’s fee is paid by the Sponsor and is not a separate expense of the Trust.     5 - Indemnification   The Trust Agreement provides that the Trustee shall indemnify the Sponsor, its directors, employees and agents against, and hold each of them harmless from, any loss, liability, cost, expense or judgment (including reasonable fees and expenses of counsel) (i) caused by the negligence or bad faith of the Trustee or (ii) arising out of any information furnished in writing to the Sponsor by the Trustee expressly for use in the registration statement, or any amendment thereto or periodic or other report filed with the SEC relating to the Shares that is not materially altered by the Sponsor.   The Trust Agreement provides that the Sponsor and its shareholders, directors, officers, employees, affiliates (as such term is defined under the Securities Act of 1933, as amended) and subsidiaries shall be indemnified from the Trust and held harmless against any loss, liability or expense incurred without their ( 1 ) negligence, bad faith, willful misconduct or willful malfeasance arising out of or in connection with the performance of their obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement or ( 2 ) reckless disregard of their obligations and duties under the Trust Agreement.   The Trust has agreed that the Custodian will only be responsible for any loss or damage suffered by the Trust as a direct result of the Custodian’s negligence, fraud or willful default in the performance of its duties.     6 - Commitments and Contingent Liabilities   In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.     7 - Concentration Risk   Substantially all of the Trust’s assets are holdings of silver bullion, which creates a concentration risk associated with fluctuations in the price of silver. Accordingly, a decline in the price of silver will have an adverse effect on the value of the Shares of the Trust. Factors that may have the effect of causing a decline in the price of silver include a change in economic conditions (such as a recession); a significant increase in the hedging activities of silver producers; significant changes in the attitude of speculators, investors and other market participants towards silver; global silver supply and demand; global or regional political, economic or financial events and situations; investors’ expectations with respect to the rate of inflation; interest rates; investment and trading activities of hedge funds and commodity funds; other economic variables such as income growth, economic output, and monetary policies; and investor confidence.   F- 10 Table of Contents     8 - Financial Highlights   The following financial highlights relate to investment performance and operations for a Share outstanding for the years ended December 31, 2022, 2021 and 2020.       December 31,       2022     2021     2020   Net asset value per Share, beginning of year   $ 21.35     $ 24.61     $ 16.85                             Net investment loss (a)     ( 0.10 )     ( 0.12 )     ( 0.10 ) Net realized and unrealized gain (loss) (b)     0.78       ( 3.14 )     7.86   Net increase (decrease) in net assets from operations     0.68       ( 3.26 )     7.76   Net asset value per Share, end of year   $ 22.03     $ 21.35     $ 24.61                             Total return, at net asset value (c)     3.19 %      ( 13.25 )%      46.05 %                            Ratio to average net assets:                         Net investment loss     ( 0.50 )%      ( 0.50 )%      ( 0.50 )%  Expenses     0.50 %      0.50 %      0.50 %    (a) Based on average Shares outstanding during the year. (b) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Trust Share transactions in relation to the fluctuating fair values of the Trust’s underlying investment. (c) Based on the change in net asset value of a Share during the year.     9 - Investment Valuation   U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investment at fair value.   Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows:     Level 1   −  Unadjusted quoted prices in active markets for identical assets or liabilities;     Level 2   −  Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and     Level 3   −  Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.   At December 31, 2022 and December 31, 2021, the value of the silver bullion held by the Trust is categorized as Level 1.   F-11 Table of Contents     SIGNATURES   Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated thereunto duly authorized.   iShares Delaware Trust Sponsor LLC, Sponsor of the iShares Silver Trust (registrant)   /s/ Shannon Ghia Shannon Ghia Director, President and Chief Executive Officer (Principal executive officer)   Date: February 23, 2023     Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities* and on the dates indicated.   /s/ Shannon Ghia Shannon Ghia Director, President and Chief Executive Officer (Principal executive officer)   Date: February 23, 2023     /s/ Bryan Bowers Bryan Bowers Director and Chief Financial Officer (Principal financial and accounting officer)   Date: February 23, 2023     /s/ Philip Jensen Philip Jensen Director   Date: February 23, 2023     /s/ Peter Landini Peter Landini Director   Date: February 23, 2023     /s/ Kimun Lee Kimun Lee Director   Date: February 23, 2023   *   The registrant is a trust and the persons are signing in their respective capacities as officers or directors of iShares Delaware Trust Sponsor LLC, the Sponsor of the registrant.